Philippine GDP growth tops Asia on election spending

This photo taken on May 15, 2016 shows Philippines president-elect Rodrigo Duterte gesturing as he talks with military and police officials during an informal meeting at a hotel in Davao City, in the southern island of Mindanao.Business titans, turncoat politicians, celebrities and rebel leaders are descending on the long-neglected far southern Philippines, hoping to gain favour with the nations shock new powerbroker. The remote and dusty city of Davao has suddenly become the countrys new seat of power after hometown hero Rodrigo Duterte won last weeks presidential election in a landslide. / AFP PHOTO / TED ALJIBE / TO GO WITH AFP STORY PHILIPPINES-POLITICS-DUTERTE-DAVAO BY AYEE MACARAIG

MANILA: The Philippine economy grew faster than most other nations in Asia in the first quarter, spurred by spending ahead of the May elections.

Gross domestic product (GDP) increased 6.9% in the three months through March from a year earlier, the highest in almost three years, the Philippine Statistics Authority said in Manila yesterday. That was in line with the median estimate in a Bloomberg survey of 16 analysts, and compared with expansion of 6.5% in the previous quarter.